A 'marriage' that should prove fruitful

A FEAST of riches resulting from the marriage of two of the banking world's most famous names will soon be available to Hong Kong investors.

A range of new services for clients of either Hill Samuel Bank or Lloyds Plc is being introduced as a result of the two banks merging in December 1995.

Regional marketing director Barry Lea said the companies had waited until completing their integration in Britain before concentrating on their overseas holdings.

In the last few months the process has been extended to Southeast Asia.

'Customers in Hong Kong will soon see a dramatic widening of our range of banking facilities, including our private banking service,' Mr Lea said.

The integration of the two banks in Hong Kong is expected to be completed by the end of May.

Hill Samuel became part of the TSB Group in 1987, which then merged with Lloyds 16 months ago to form Lloyds TSB Group Plc.

The new company immediately became the sixth biggest bank in the world outside of Japan with a market capitalisation of US$37 billion and more than 15 million customers.

In Hong Kong, it is now applying to upgrade its licence from representative office to a restricted licence bank.

Mr Lea said: 'The Hill Samuel name will be retained for the property agency but dropped by the banking side to allow it to join the Lloyds brand name.' If the new status is granted - which is expected to occur before the end of the month - services will include property sales in the United States and Britain, money market funds and currency term deposits.

Hill Samuel's Hong Kong branch already offers comprehensive private banking, including investment management and treasury facilities.

Its clients can now also access the long-running Lloyds offshore facility, the Overseas Club Gold Account. This is a flagship product designed to help people towards tax efficiency as it offers attractive interest rates paid outside the British tax system.

Lloyds' Hong Kong offshore banking manager, Martin Barey, said: 'This is more than just a bank account, it is a club in which clients' needs are personally looked after.' He said it was ideally suited for people receiving British rental income as it was held within the British clearing system.

The account is based in the Isle of Man, is interest bearing and contains a sterling cheque account.